This is fifth in a series of six stories on finalists for the 2014 Halifax Business Awards, which will be presented Jan. 23 by the Halifax Chamber of Commerce.
Nova Scotia’s history as a centre of international trade makes it a no-brainer that exporting goods and services would be essential to the health of the provincial economy.
However, the problem is Nova Scotia’s exports have been in decline.
“You simply cannot do this on the basis of replacing the loss of export demand with domestic markets; it is just not possible,” says Elizabeth Beale, CEO of the Atlantic Provinces Economic Council economic think-tank in Halifax.
“We need that export growth to bring dollars into the province to allow our businesses to grow.”
Exports directly contribute to the level of output in the economy and, therefore, the level of jobs and the return back to producers, she says.
“So exporting is vital for any economy and particularly for Nova Scotia.”
Unfortunately, the intensity of exporting in Nova Scotia — measured on a per capita basis compared to other provinces — is among the lowest in Canada, she says.